For the financial year 2021 a total of EUR 54.0 (46.4) thousand was paid to the members of the Board of Directors, including a total of 217.001 (110.766) new shares transferred as part of the Board of Directors’ remuneration. Wages and salaries of Board members and CEO were EUR 197 759 in total.
In 2021, EUR 143.8 thousand (2020: EUR 128.8 thousand) including fringe benefits was paid to Managing Director Jari Varjotie and EUR 779.0 (2020: EUR 546.3 thousand) to the other members of the management.
Under his service contract Managing Director Jari Varjotie is not entitled to any voluntarily pension schemes paid by the company. In case the company terminates Varjotie’s service contract, the company shall pay to Varjotie normal monthly salary during the termination period of four months, and a severance payment corresponding to five months’ salary.
The Annual General Meeting 2022 resolved that the members of the Board of Directors be paid the following remuneration for the term that begins at the close of the Annual General Meeting and ends at the close of the next Annual General Meeting following election: EUR 21,600 for the Chairman of the Board and EUR 10,800 for each of the other members of the Board. Approximately 40% of the remuneration was paid to the members of the Board of Directors by giving to the Board members new shares in the company based on the authorisation granted to the Board of Directors, and approximately 60% in cash.
The Extraordinary General Meeting 25 November 2022 resolved that the Board remuneration decided by the Annual General Meeting on 26 April 2022 remain unchanged, however, in such a way that the Board members leaving the Board have the right to 7/12 of the Board remuneration decided and the newly elected Board members to 5/12 of the Board remuneration decided. Accordingly, the current Chair of the Board is entitled to 7/12 of the decided remuneration of the Chair of the Board and 5/12 of the remuneration of the other Board members, and the newly elected Chair of the Board is entitled to 5/12 of the remuneration of the Chair of the Board. (For more information see Resolutions of the EGM 25 November 2022)